LogoLogo
  • Home Loan Options

    Get Your Mortgage Review

    Explore the USA’s largest database of home loan programs.

    Purchase Programs
    Refinance Programs
    1st Time Homebuyers
    No Money Down 100% Financing
    Special Offers
    Funding Institutions
    Updates & Alerts
  • Tools

    Tools

    Better tools to make better home financing decisions.

    Mortgage Education Center
    Loan Finder
    Blog
    Glossary
  • How It Works

HomeStyle® Renovation Refinance

Best For: Savvy Investors, Home Renovations

With HomeStyle®, homeowners can refinance with a budget for renovations, allowing them to turn their house into their dream home.

HomeStyle® Renovation Refinance

  • Introduction
  • Quick Facts
  • Pros & Cons
  • Availability
  • Occupancy & Property Type
  • Income & Purchase Price Limits
  • Key Features & Conditions
  • Other Limitations
  • Mortgage Insurance & Fees
  • Similar Loan Programs
  • Related Resources

Program Description

A HomeStyle® Renovation Refinance allows for the renovation budget to be financed into the loan, creating more flexibility for homeowners to turn their house into their dream home. Renovations can include luxury upgrades, basic repairs, energy updates, and even landscaping! The program is convenient, flexible and uses a first mortgage, rather than a second mortgage, home equity line of credit, or other more costly methods of financing.

Tags
Investment Property OptionsRenovation Mortgage
Do you match this loan?

Our loanSMART system will tell you if this loan program is a good fit your scenario.

HomeStyle® Renovation Refinance

Min. Credit Score

620

Min. Equity

3%

Max Loan Amount

$726,200

Qualification variables shown here are for 1-Unit Primary Residences, and loan amount ranges vary based on US County. Register Now to see if this loan program is a good fit for you, find your county limits, and find more options for purchasing a home.

Pros & Cons
  • Rates are typically lower than a home equity loan or line of credit
  • Flexibility to use the funds for renovations up to 97% loan to value
  • Choose your own contractor
  • Financing based on post-renovation property value
  • No mortgage insurance options available
  • Manufactured housing is eligible
  • HomeStyle Renovation loans may not be used to tear down and reconstruct a home
  • Limited to 75% of the “as-completed” appraised value
  • Mortgage and renovation budget limits
  • No reimbursement for sweat equity, unlike the FHA 203(k) program
Renovation Loan Analysis
Up to 75% of price or value
=
Your Estimated Renovation Fund

Renovation loans allow you to finance the cost of repairs and modifications into your home purchase or refinance. By registering for a free account , you can get a better idea of how much you could finance for renovating a home.

Program Availability

HomeStyle® Renovation Refinances are available in all 50 states, Washington D.C., Puerto Rico, and the U.S. Virgin Islands.

Talk to an Expert

An RMM PROLender can help you see if this or a different loan program is the right fit for your unique situation. Get Started.

“Did you know, any type of renovation or repair is eligible, as long as it is permanently affixed to the property!? That's right!"

Occupancy & Property Types

Qualification factors for this program can vary based on how you intend to occupy the property and what type of property you are purchasing. By registering for a free account , you can check program limits for all property and occupancy types.

Occupancy Types

Available Property Types for Primary Residence
Income & Purchase Price Limits

Your Debt-to-Income Ratio (DTI), as well as purchase price and income limits, are important factors when qualifying for a home loan program. By registering for a free account , you can find the exact program limits for this program and others in your area and for your unique scenario.

Debt-to-Income Limit

45.00%

Purchase Price Limit

No Limits

Income Limit

No Limits

Qualification variables shown here are for 1-Unit Primary Residences, and loan limit ranges vary based on US County. Amounts may be rounded. Exact amounts can be accessed by registering for a free account.

Refinancing?

Answer a few short questions and we'll build you a custom list of home loan program options. You're homeownership journey is in good hands.

Key Features
  • Use funds on any renovation project, from updating bathrooms to landscaping
  • Renovations and improvements must be permanently affixed to the property
  • Available for primary residences, second homes, and investment properties
Additional Conditions
  • Current mortgage loan must be owned or securitized by Fannie Mae
  • Renovations should be completed within a 15-month period from the date the mortgage loan is delivered
  • LTV ratio is determined by dividing the original loan amount by the “as completed” appraised value of the property
  • Borrowers can perform work themselves (conditions apply)
Other Limitations

In some circumstances, there are specific requirements you must meet or homebuyer education courses you must attend in order to be eligible for the loan program.

No other program limitations

A Homebuyer Education Class is not required for this loan program.

Mortgage Insurance & Fees

Most mortgage programs require mortgage insurance when you are financing more than 80% of the purchase price or appraised value. Some programs may also have an associated funding fee, paid at the time of closing, or an annual fee. Learn all about the different fees here.

Mortgage Insurance
Required with less than 20% Down Payment
Type: Private Mortgage Insurance (PMI)

This program requires Private Mortgage Insurance (PMI) if you are putting down less than 20% on the home you are purchasing or refinancing.

Funding Fee
Type: No Funding Fee

This program does not have a funding fee.

Annual Fee
Type: No Annual Fee

This program does not have an annual fee.

Estimated Closing Costs: 2.5%

These amounts are just an estimate. Your closing costs include things like loan origination fees, discount points, appraisal fees, title insurance, taxes, deed recording fees, and other charges.

Similar Loan Programs

If you think this home loan program may be a good fit for you, you may also want to check out the following programs that share many similarities with the current program.

HomeStyle® Renovation Purchase Loan

Best For: High Credit Scores, Home Renovations

HomeStyle® allows for the renovation budget to be financed into the loan, allowing homebuyers to turn their house into their dream home.


Details
Conventional Rate-and-Term Refinance

Best For: Flexible Terms, Rate Reduction, Easy Process

Popular refinancing option for loan amounts under the conforming loan limit. Flexible qualification and attractive benefits to qualified homeowners.


Details
CHOICERenovation® Refinance

Best For: Savvy Investors, Home Renovations

Refinance with funds for home improvements and repairs with this convenient and flexible program for renovations from Freddie Mac.


Details
Conventional High-Balance Rate-and-Term Refinance

Best For: Large Loan Amounts, Lowest Rates, Easy Process

Conventional refinancing above the conforming limit in high cost counties with flexible qualification for qualified homeowners.


Details
HomeStyle® High-Balance Renovation Refinance

Best For: Large Loan Amounts, Home Renovations

Refinance with a budget for renovations for a loan amount above the standard conforming limit, allowing you to turn your house into your dream home.


Details
Wells Fargo Jumbo Rate-and-Term Refinance

Best For: Large Loan Amounts, Rate Reduction, High Credit Scores

Fixed and adjustable-rate jumbo refinancing for loan amounts up to $3 million—flexible qualification and competitive interest rates.


Details
Chase Jumbo Rate-and-Term Refinance

Best For: Limited Equity, Large Loan Amounts, Rate Reduction

Fixed and adjustable-rate jumbo mortgage options for loan amounts up to $3 million—as little as 10.01% equity in the home and flexible qualification.


Details
CHOICERenovation® High-Balance Refinance

Best For: Large Loan Amounts, Home Renovations

Refinance above the conforming loan limits with funds for home improvements and repairs with this convenient and flexible renovation loan program.


Details
Bayview Jumbo AUS Rate-and-Term Refinance

Best For: Large Down Payments, Large Loan Amounts, Rate Reduction, High Credit Scores

Fixed and adjustable-rate jumbo mortgage refinancing for loan amounts up to $2.5 million with flexible qualification guidelines.


Details
AIG Jumbo Rate-and-Term Refinance

Best For: Large Down Payments, Large Loan Amounts, High Credit Scores

Fixed-rate jumbo refinance option for loan amounts up to $2 million, also available for second homes and investment properties.


Details
Related Resources
2023 Cash-Out Refinance Guide

Owning a home is a big investment and like with many long-term assets, it comes with a few added responsibilities. To keep your home appreciating in value and to make sure you continue to enjoy it, it's important to keep it maintained and updated.

Read More
A Rundown On Closing Costs and How They Affect You

It can be tricky to sift through all the figures , so we broke down what they are, how much they cost, who's responsible and how to minimize your expenses.

Read More

Visit our Mortgage Education Center for more resources.

* Some loan programs may not be offered by all featured lenders of ReviewMyMortgage.com and qualification guidelines may vary between them. Our team makes their best effort to keep loan program information up to date. Loan programs may change without warning. ReviewMyMortgage.com does not guarantee or offer any loan products. ReviewMyMortgage.com is strictly an educational resource hub for consumers

Mortgage Program by:

ReviewMyMortgage.com is in no way affiliated with the companies or institutions listed here.

Start Your Journey

Whether your are buying a new home, or refinancing your current home loan, let the experts at Review My Mortgage guide you on your homeownership journey.

Are you a mortgage professional?

Learn about our unique sponsorships, including RMM PROLender, that can take your production to the next level.

Get in Touch

Work with the best mortgage lender in every state. Period.

Quick Links
  • Get Your Mortgage Review
  • Purchase Programs
  • Refinance Programs
  • 1st Time Homebuyers
  • No Money Down 100% Financing
  • Special Offers
  • Funding Institutions
  • Updates & Alerts
  • Mortgage Education Center
  • Blog
  • About Us
  • Recruiting
Get Started

Find and compare all your local home loan options.

© 2023 ReviewMyMortgage.com Inc | All Rights Reserved | Privacy Policy | Terms & Conditions | Site Map We are not a mortgage company and do not offer mortgage loans through ReviewMyMortgage.comDesigned and developed by TIB Digital